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The changes: The employers’ National Insurance rate is going up from 13.8% to 15%, and the annual salary threshold reduces from £9,100 to £5,000. The implications: Directors pay pre NI deductions reduces. Payroll needs to be set and monthly returns sent to HMRC if annual salary breaches the £5000 threshold. Threshold is currently £6396. (The … Continue reading
Statement by HMRC 08 September 2021. Yesterday the government announced tax changes to fund £12 billion a year to be spent on the NHS and social care across the UK. National Insurance contributions (NICs) will increase by 1.25% for one year only for employees, employers and the self-employed from April 2022. This will cover both … Continue reading
Phoenix Debola 